Australian billionaire Andrew Forrest is under scrutiny from his mining company's shareholders over his excessive use of private jets, according to the Financial Review.
The Australian Shareholders Association has demanded that iron ore mining giant Fortescue provide detailed cost information for the company's private jet, separate from the rest of its reporting.
The Bombardier Global Express 7500 has reportedly flown to at least 20 countries so far in 2025. Any personal travel Forrest took on the private jet was reimbursed, according to a Fortescue spokesperson.
Recent destinations included Mauritius, Malaga, Morocco, and the scenic Phi Phi Islands off the coast of Thailand.
It's estimated that the jet has produced 9,700 tons of carbon pollution over 400 flights since it was acquired in 2021. For comparison, the average American releases 16 tons of carbon dioxide annually.
"Fossil fuels will continue to be unreliable, expensive, be used as a weapon and cost more to every Australian household, so we know what's going to happen," Forrest said at an address to the National Press Club last year, per ABC. "Can we just stop all the bickering and politicking and get on with it?"
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Fortescue's primary product, iron, is key to electrification and displacing oil and gas, and this pattern of behavior is at odds with Forrest's attempts to promote sustainable values. Luxury travel is a disproportionate contributor to atmospheric pollution.
According to one study, the two planes owned by Amazon CEO Jeff Bezos release more annually than the average Amazon employee could in 207 years.
This pollution exacerbates destructive weather patterns like floods, droughts, and heat waves, which in turn incur agricultural, housing, ecological, and other costs. Opting for low-impact travel options can significantly curb those negative impacts.
Much of Forrest's private jet travel has occurred to facilitate talks on sustainability. However, some say clear corporate accounting is needed to assess just how hypocritical those talks may have been.
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Absolutely 💯 "Shareholders are entitled to understand how company assets are being used, particularly where there may be personal or non-business-related travel," said Australian Shareholders Association chief executive Rachel Waterhouse, per The West Australian.
"While the cost of operating an aircraft may not be material for a company the size of Fortescue, investors still expect clarity about governance, cost management and environmental impact. Clear disclosure on matters such as overall costs, business versus personal travel, and emissions would align with best practice."
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